Upshaw Alfonse L 4

What Happened

• Alfonse L. Upshaw, a director of Shutterstock, exercised/converted derivative awards to acquire 9,700 shares on June 10, 2026 by paying $13.70 per share (total consideration $132,890). The filing also reports a corresponding disposition of 9,700 derivative units (reported at $0), which reflects the conversion/cancellation of the derivative instrument. On the same date he was granted 11,239 restricted stock units (RSUs), a derivative award that will vest later.

Key Details

• Transaction date: June 10, 2026. Exercise/conversion: 9,700 shares @ $13.70 = $132,890 (code M). A corresponding derivative disposition of 9,700 shares is reported at $0 (code M). Grant/award: 11,239 RSUs @ $0 (code A).
• Shares owned after transaction: Not specified in the excerpt of the filing provided.
• Footnotes: F1—each RSU converts to one common share when settled. F2—an RSU award granted 6/10/2025 vested in full on or before 6/10/2026 (subject to continued service). F3—the 6/10/2026 RSU grant vests on or before 6/10/2027 and, per the director’s election, settlement of those RSUs will be deferred until termination of board service or a change in control.
• Filing timeliness: Report dated 6/10/2026 and filed 6/12/2026 — appears timely. No 10b5-1 plan or other special arrangements disclosed in the provided excerpt.

Context

• The filing shows a derivative exercise/conversion (M) and an RSU grant (A). Exercises indicate the insider paid the stated consideration ($13.70/share) to acquire shares; RSU grants are compensation that convert to shares only when vested/settled. The report does not show an open-market sale of shares for cash proceeds.
• For retail investors: exercises and RSU grants are common director compensation events and do not necessarily signal a buy-or-sell opinion on the stock. They are informative about insider compensation and share issuance but do not on their own reveal the insider’s market view.